BEIJING, May 23, 2019 /PRNewswire/
-- SINA Corporation (the "Company" or "SINA") (NASDAQ:
SINA), a leading online media company serving China and the global Chinese
communities, today announced its unaudited financial results
for the first quarter ended March 31,
2019.
First Quarter 2019 Highlights
- Both net revenues and non-GAAP net revenues increased 8%
year-over-year to $475.1 million and
$472.5 million.
- Advertising revenues increased 6% year-over-year to
$388.0 million.
- Non-advertising revenues increased 18% year-over-year to
$87.1 million. Non-GAAP
non-advertising revenues increased 19% year-over-year to
$84.5 million.
- Income from operations increased 19% year-over-year to
$86.9 million. Non-GAAP income from
operations increased 21% year-over-year to $114.2 million.
- Net income attributable to SINA was $33.1 million, or $0.46 for diluted net income per share
attributable to SINA's ordinary shareholders. Non-GAAP net income
attributable to SINA was $28.9
million, or $0.40 for non-GAAP
diluted net income per share attributable to SINA's ordinary
shareholders.
First Quarter 2019 Financial Results
For the first quarter of 2019, SINA reported net revenues of
$475.1 million, an increase of 8%
compared to $440.8 million for the
same period last year. Non-GAAP net revenues for the first quarter
of 2019 were $472.5 million, an
increase of 8% compared to $438.1
million for the same period last year.
Advertising revenues for the first quarter of 2019 were
$388.0 million, an increase of 6%
compared to $367.1 million for the
same period last year, primarily driven by an increase of
$38.2 million, or 13% growth in Weibo
advertising and marketing revenues and partially offset by a
decrease of portal advertising revenues.
Non-advertising revenues for the first quarter of 2019 were
$87.1 million, an increase of 18%
compared to $73.7 million for the
same period last year. Non-GAAP non-advertising revenues for the
first quarter of 2019 were $84.5
million, an increase of 19% compared to $71.1 million for the same period last year. The
year-over-year growth in non-advertising revenues was mainly
attributable to the revenues derived from Weibo's live streaming
business acquired in the fourth quarter of 2018 and increased
revenues generated from SINA fin-tech businesses.
Gross margin for the first quarter of 2019 was 76%, compared to
75% for the same period last year. Advertising gross margin for the
first quarter of 2019 was 78%, compared to 77% for the same period
last year. Non-advertising gross margin for the first quarter of
2019 was 64%, compared to 65% for the same period last year.
Operating expenses for the first quarter of 2019 totaled
$272.7 million, compared to
$258.8 million for the same period
last year. Non-GAAP operating expenses for the first quarter of
2019 totaled $245.3 million, compared
to $237.3 million for the same period
last year.
Income from operations for the first quarter of 2019 was
$86.9 million, compared to
$73.3 million for the same period
last year. Operating margin was 18%, compared to 17% for the same
period last year. Non-GAAP income from operations for the first
quarter of 2019 was $114.2 million,
compared to $94.6 million for the
same period last year. Non-GAAP operating margin was 24%, compared
to 22% for the same period last year.
Non-operating income for the first quarter of 2019 was
$77.7 million, compared to
$22.6 million for the same period
last year. Non-operating income for the first quarter of 2019
included (i) an $80.8 million net
gain on sale of investments, fair value changes and impairment on
investments, which is excluded under non-GAAP measure; (ii) a
$13.1 million net interest and other
income; and (iii) a $16.3 million net
loss from equity method investments, which is reported one quarter
in arrears. Non-operating income for the first quarter of 2018
mainly included (i) a $17.1 million
net interest and other income; and (ii) a $7.2 million net gain on sale of investments,
fair value changes and impairment on investments, which is excluded
under non-GAAP measure.
Income tax expenses for the first quarter of 2019 were
$65.2 million, compared to
$18.8 million for the same period
last year, largely attributable to the deferred tax charges
recognized from the fair value changes of investments.
Net income attributable to SINA's ordinary shareholders for the
first quarter of 2019 was $33.1
million, compared to $28.7
million for the same period last year. Diluted net income
per share attributable to SINA's ordinary shareholders for the
first quarter of 2019 was $0.46,
compared to $0.38 for the same period
last year. Non-GAAP net income attributable to SINA's ordinary
shareholders for the first quarter of 2019 was $28.9 million, compared to $35.2 million for the same period last year.
Non-GAAP diluted net income per share attributable to SINA's
ordinary shareholders for the first quarter of 2019 was
$0.40, compared to $0.47 for the same period last year.
As of March 31, 2019, SINA's cash,
cash equivalents and short-term investments totaled $2.1 billion, compared to $2.3 billion as of December 31, 2018. The decrease of SINA's cash,
cash equivalents and short-term investments mainly resulted from
continued investment activities. For the first quarter of 2019, net
cash provided by operating activities was $93.5 million, capital expenditures totaled
$10.0 million, and depreciation and
amortization expenses amounted to $11.1
million.
Non-GAAP Measures
This release contains the following non-GAAP financial measures:
non-GAAP net revenues, non-GAAP non-advertising revenues, non-GAAP
advertising and non-advertising gross margin, non-GAAP operating
expenses, non-GAAP income from operations, non-GAAP operating
margin, non-GAAP net income attributable to SINA's ordinary
shareholders and non-GAAP diluted net income per share attributable
to SINA's ordinary shareholders. These non-GAAP financial measures
should be considered in addition to, not as a substitute for,
measures of the Company's financial performance prepared in
accordance with U.S. GAAP. The Company's non-GAAP financial
measures may be defined differently than similar terms used by
other companies. Accordingly, care should be exercised in
understanding how the Company defines its non-GAAP financial
measures.
The Company's non-GAAP financial measures exclude recognition of
deferred revenues related to the license granted to Leju,
stock-based compensation, amortization of intangible assets,
goodwill and acquired intangibles impairment, adjustment for
non-GAAP to GAAP reconciling items on the share of equity method
investments, gain (loss) on sale of investment, deemed disposal,
fair value changes and impairment on investment, and income tax
effects of above non-GAAP to GAAP reconciling items and adjustment
for non-GAAP to GAAP reconciling items for the income attributable
to non-controlling interests and amortization of convertible debt
issuance cost. The Company's management uses these non-GAAP
financial measures in their financial and operating
decision-making, because management believes these measures reflect
the Company's ongoing business operations in a manner that allows
more meaningful period-to-period comparisons. The Company believes
that these non-GAAP financial measures provide useful information
to investors and others in the following ways: (i) in comparing the
Company's current financial results with the Company's past
financial results in a consistent manner, and (ii) in understanding
and evaluating the Company's current operating performance and
future prospects in the same manner as management does, if they so
choose. The Company also believes that the non-GAAP financial
measures provide useful information to both management and
investors by excluding certain expenses, gain/loss and other items
(i) that are not expected to result in future cash payments or (ii)
that are non-recurring in nature or may not be indicative of the
Company's core operating results and business outlook.
Use of non-GAAP financial measures has limitations. The
Company's non-GAAP financial measures do not include all income and
expense items that affect the Company's operations. They may
not be comparable to non-GAAP financial measures used by other
companies. Management compensates for these limitations by also
considering the Company's financial results prepared in accordance
with U.S. GAAP. Reconciliations of the Company's non-GAAP measures
to the nearest comparable GAAP measures are set forth in the
section below titled "Unaudited Reconciliation of Non-GAAP to GAAP
Results."
Conference Call
SINA will host a conference call from 8:10 a.m. – 8:40 a.m.
Eastern Time on May 23,
2019 (or 8:10 p.m. – 8:40 p.m. Beijing Time on May 23, 2019) to present an overview of the
Company's financial performance and business operations. A live
webcast of the call will be available through the Company's
corporate website at http://ir.sina.com. The conference call
can be accessed as follows:
|
US:
|
+1 845 675
0438
|
|
Hong
Kong:
|
+852 3018
6776
|
|
China:
|
400 120
0654
|
|
International:
|
+65 6713
5440
|
|
Passcode for all
regions:
|
3264429
|
A replay of the conference call will be available through
morning Eastern Time May 31,
2019. The dial-in number is +61 2 9003 4211. The passcode for the
replay is 3264429.
About SINA
SINA is a leading online media company serving China and the global Chinese communities. Its
digital media network of SINA.com (portal), SINA mobile (mobile
portal and mobile apps) and Weibo (social media) enables internet
users to access professional media and user generated content in
multi-media formats from personal computers and mobile devices and
share their interests with friends and acquaintances.
SINA.com offers distinct and targeted professional content on
each of its region-specific websites and a full range of
complementary offerings. SINA mobile provides news information,
professional and entertainment content customized for mobile users
through mobile applications and mobile portal site SINA.cn.
Weibo is a leading social media platform for people to create,
distribute and discover content. Based on an open platform
architecture, Weibo provides unprecedented and simple way for
people and organizations to publicly express themselves in real
time, interact with others on a massive global platform and stay
connected with the world.
Through these properties and other product lines, SINA offer an
array of online media and social media services to its users to
create a rich canvas for businesses and advertisers to effectively
connect and engage with their targeted audiences.
Safe Harbor Statement
This press release contains forward-looking statements that
relate to, among other things, SINA's expected financial
performance and SINA's strategic and operational plans (as
described, without limitation, in quotations from management in
this press release). SINA may also make forward-looking statements
in the Company's periodic reports to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "confidence," "estimates" and similar
statements. SINA assumes no obligation to update the
forward-looking statements in this press release and elsewhere.
Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to failure to meet internal or
external expectations of future performance given the rapidly
evolving markets; condition of the global financial and credit
market; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly
operating results; the Company's reliance on online advertising
sales and value-added services for a majority of its revenues;
failure to successfully develop, introduce, drive adoption of or
monetize new features and products, including portal, Weibo and
fin-tech products; failure to enter and develop the small and
medium enterprise market by the Company or through cooperation with
other parties, such as Alibaba; failure to successfully integrate
acquired businesses; risks associated with the Company's
investments, including adverse impacts on our financial results
from equity pick-up, fair value changes and impairment; and failure
to compete successfully against new entrants and established
industry competitors. Further information regarding these and other
risks is included in SINA's 2018 annual reports on Form 20-F and
other filings with the Securities and Exchange Commission.
Contact:
Investor Relations
SINA Corporation
Phone: +86 10 5898 3336
Email: ir@staff.sina.com.cn
|
SINA
CORPORATION
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(U.S. Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
March 31,
|
|
March 31,
|
|
December
31,
|
|
|
|
2019
|
|
2018
|
|
2018
|
|
|
Net
revenues:
|
|
|
|
|
|
|
|
Advertising
|
$
388,025
|
|
$
367,081
|
|
$
484,307
|
|
|
Non-advertising
|
87,114
|
|
73,671
|
|
88,707
|
|
|
|
475,139
|
|
440,752
|
|
573,014
|
|
|
Cost of
revenues(1):
|
|
|
|
|
|
|
|
Advertising
|
84,379
|
|
83,115
|
|
85,048
|
|
|
Non-advertising
|
31,144
|
|
25,592
|
|
37,997
|
|
|
|
115,523
|
|
108,707
|
|
123,045
|
|
|
Gross
profit
|
359,616
|
|
332,045
|
|
449,969
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Sales and marketing (1)
|
145,478
|
|
139,687
|
|
191,208
|
|
|
Product development (1)
|
94,049
|
|
85,137
|
|
85,383
|
|
|
General and administrative (1)
|
33,160
|
|
33,932
|
|
30,633
|
|
|
Goodwill and acquired intangibles impairment
|
-
|
|
-
|
|
12,691
|
|
|
|
272,687
|
|
258,756
|
|
319,915
|
|
|
Income from
operations
|
86,929
|
|
73,289
|
|
130,054
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (loss):
|
|
|
|
|
|
|
|
Loss
from equity method investments
|
(16,253)
|
|
(1,772)
|
|
(4,731)
|
|
|
Gain
(loss) on sale of investments, fair value changes and
impairment on investments,
net
|
|
80,806
|
|
7,226
|
|
(22,960)
|
|
|
Interest and other income, net
|
13,102
|
|
17,098
|
|
15,090
|
|
|
|
77,655
|
|
22,552
|
|
(12,601)
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
164,584
|
|
95,841
|
|
117,453
|
|
|
Income tax
expense
|
(65,235)
|
|
(18,750)
|
|
(14,347)
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
99,349
|
|
77,091
|
|
103,106
|
|
|
Less:
Net income attributable to non-controlling interests
|
66,266
|
|
48,397
|
|
86,729
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to SINA's ordinary shareholders
|
$
33,083
|
|
$
28,694
|
|
$
16,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share
|
$
0.48
|
|
$
0.40
|
|
$
0.24
|
|
|
Diluted net income
per share (2)
|
$
0.46
|
|
$
0.38
|
|
$
0.22
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic net income per share
|
69,461
|
|
71,440
|
|
69,235
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted net income per share
|
69,759
|
|
74,036
|
|
69,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Stock-based compensation in each
category:
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
2,536
|
|
$
2,541
|
|
$
922
|
|
|
Sales and
marketing
|
5,620
|
|
4,880
|
|
3,174
|
|
|
Product
development
|
9,654
|
|
7,487
|
|
4,403
|
|
|
General and
administrative
|
10,978
|
|
7,408
|
|
8,834
|
|
|
|
|
|
|
|
|
|
|
(2)Net
income attributable to SINA's ordinary shareholders is adjusted for
diluted shares issued by our subsidiary and equity method
investments.
|
|
|
SINA
CORPORATION
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
|
|
|
2019
|
|
|
2018
|
|
|
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,404,548
|
|
|
$
1,545,800
|
|
|
|
Short-term
investments
|
|
666,244
|
|
|
799,534
|
|
|
|
Restricted
cash
|
|
148,774
|
|
|
97,032
|
|
|
|
Accounts
receivable, net
|
|
601,329
|
|
|
527,897
|
|
|
|
Financing
receivables, net (1)
|
|
101,151
|
|
|
-
|
|
|
|
Prepaid expenses
and other current assets
|
|
560,800
|
|
|
362,435
|
|
|
|
Subtotal
|
|
3,482,846
|
|
|
3,332,698
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
267,801
|
|
|
262,846
|
|
|
Operating lease
right-of-use assets, net (2)
|
|
35,539
|
|
|
-
|
|
|
Goodwill and
intangible assets, net
|
|
325,322
|
|
|
319,575
|
|
|
Long-term
investments
|
|
2,122,667
|
|
|
1,889,843
|
|
|
Other
assets
|
|
160,616
|
|
|
81,127
|
|
|
Total
assets
|
|
$
6,394,791
|
|
|
$
5,886,089
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
198,159
|
|
|
$
172,562
|
|
|
|
Amount due to
customers
|
|
116,634
|
|
|
97,032
|
|
|
|
Accrued expenses
and other current liabilities
|
|
632,350
|
|
|
540,807
|
|
|
|
Short-term bank
loan
|
|
85,420
|
|
|
78,229
|
|
|
|
Deferred
revenues
|
|
175,116
|
|
|
139,306
|
|
|
|
Short-term
operating lease liabilities (2)
|
|
13,213
|
|
|
-
|
|
|
|
Funding debts
(1)
|
|
24,969
|
|
|
-
|
|
|
|
Income taxes
payable
|
|
87,432
|
|
|
115,725
|
|
|
|
Subtotal
|
|
1,333,293
|
|
|
1,143,661
|
|
|
|
|
|
|
|
|
|
|
|
Convertible
debt
|
|
885,158
|
|
|
884,123
|
|
|
Long-term funding
debts(1)
|
|
75,841
|
|
|
-
|
|
|
Long-term deferred
revenues
|
|
41,043
|
|
|
43,652
|
|
|
Long-term
operating lease liabilities(2)
|
|
23,649
|
|
|
-
|
|
|
Other long-term
liabilities
|
|
93,190
|
|
|
51,781
|
|
|
|
Total
liabilities
|
|
2,452,174
|
|
|
2,123,217
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
SINA shareholders'
equity
|
|
2,794,890
|
|
|
2,717,791
|
|
|
|
Non-controlling
interests
|
|
1,147,727
|
|
|
1,045,081
|
|
|
|
Total shareholders'
equity
|
|
3,942,617
|
|
|
3,762,872
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
6,394,791
|
|
|
$
5,886,089
|
|
|
|
|
|
|
|
|
|
|
|
(1) In
2019, the Company set up few trusts, which were administered by
third-party trust company to invest in consumer loans to the
individual borrowers recommended by the Company. The trusts are
considered as variable interest entities under ASC 810.
Accordingly, the financing receivables due from the borrowers and
the loan payables to the third party investors of the trust units
are recorded on the Company's consolidated balance sheet as
financing receivables and funding debts,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
(2) The
Company adopted the new leasing guidance (ASU 2016-2) started from
January 1, 2019, which requires that a lessee recognize the assets
and liabilities that arise from operating leases. The Company
recognized a right-of-use asset and a liability relating to lease
payments (the Lease Liability) in the statements of financial
position for lease contracts having terms beyond 12 months
period.
|
|
|
SINA
CORPORATION
|
|
UNAUDITED
ADDITIONAL INFORMATION
|
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2019
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
46,896
|
|
$
64,132
|
|
$
67,377
|
|
|
Other
|
34,916
|
|
26,774
|
|
27,300
|
|
|
Subtotal
|
81,812
|
|
90,906
|
|
94,677
|
|
|
|
|
|
|
|
|
|
Weibo:
|
|
|
|
|
|
|
|
Advertising and
marketing
|
341,141
|
|
302,949
|
|
417,016
|
|
|
Weibo
VAS
|
58,036
|
|
46,934
|
|
64,859
|
|
|
Subtotal
|
399,177
|
|
349,883
|
|
481,875
|
|
|
|
|
|
|
|
|
|
|
Elimination
|
(5,850)
|
|
(37)
|
|
(3,538)
|
|
|
|
$
475,139
|
|
$
440,752
|
|
$
573,014
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
21,660
|
|
$
29,373
|
|
$
29,180
|
|
|
Other
|
16,884
|
|
16,469
|
|
14,377
|
|
|
Subtotal
|
38,544
|
|
45,842
|
|
43,557
|
|
|
|
|
|
|
|
|
|
|
Weibo
|
82,817
|
|
62,902
|
|
82,940
|
|
|
|
|
|
|
|
|
|
|
Elimination
|
(5,838)
|
|
(37)
|
|
(3,452)
|
|
|
|
$
115,523
|
|
$
108,707
|
|
$
123,045
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
|
|
|
|
|
|
Portal
|
53%
|
|
50%
|
|
54%
|
|
|
Weibo
|
79%
|
|
82%
|
|
83%
|
|
|
|
76%
|
|
75%
|
|
79%
|
|
|
|
|
|
|
|
|
|
|
SINA
CORPORATION
|
|
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
|
|
(U.S. Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
March 31,
2019
|
|
March 31,
2018
|
|
December 31,
2018
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$
388,025
|
|
|
|
$
388,025
|
|
$
367,081
|
|
|
|
$
367,081
|
|
$
484,307
|
|
|
|
$
484,307
|
|
|
Non-advertising
revenues
|
87,114
|
|
(2,609)
|
(a)
|
84,505
|
|
73,671
|
|
(2,609)
|
(a)
|
71,062
|
|
88,707
|
|
(2,609)
|
(a)
|
86,098
|
|
|
Net
revenues
|
$
475,139
|
|
$
(2,609)
|
|
$
472,530
|
|
$
440,752
|
|
$
(2,609)
|
|
$
438,143
|
|
$
573,014
|
|
$
(2,609)
|
|
$
570,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
2,536
|
(b)
|
|
|
|
|
2,541
|
(b)
|
|
|
|
|
922
|
(b)
|
|
|
|
Gross
profit
|
$
359,616
|
|
$
(73)
|
|
$
359,543
|
|
$
332,045
|
|
$
(68)
|
|
$
331,977
|
|
$
449,969
|
|
$
(1,687)
|
|
$
448,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16,411)
|
(b)
|
|
|
|
|
|
|
(26,252)
|
(b)
|
|
|
|
|
(19,775)
|
(b)
|
|
|
|
|
(2,177)
|
(c)
|
|
|
|
|
|
|
(1,124)
|
(c)
|
|
|
|
|
(1,635)
|
(c)
|
|
|
|
|
(12,691)
|
(d)
|
|
|
|
Operating
expenses
|
$
272,687
|
|
$
(27,376)
|
|
$
245,311
|
|
$
258,756
|
|
$
(21,410)
|
|
$
237,346
|
|
$
319,915
|
|
$
(31,279)
|
|
$
288,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
17,333
|
(b)
|
|
|
|
|
|
|
28,788
|
(b)
|
|
|
|
|
22,316
|
(b)
|
|
|
|
|
2,177
|
(c)
|
|
|
|
|
|
|
1,124
|
(c)
|
|
|
|
|
1,635
|
(c)
|
|
|
|
|
12,691
|
(d)
|
|
|
|
Income from
operations
|
$
86,929
|
|
$
27,303
|
|
$
114,232
|
|
$
73,289
|
|
$
21,342
|
|
$
94,631
|
|
$
130,054
|
|
$
29,592
|
|
$
159,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
17,333
|
(b)
|
|
|
|
|
|
|
28,788
|
(b)
|
|
|
|
|
22,316
|
(b)
|
|
|
|
|
2,177
|
(c)
|
|
|
|
|
|
|
1,124
|
(c)
|
|
|
|
|
1,635
|
(c)
|
|
|
|
|
12,691
|
(d)
|
|
|
|
|
|
|
15,307
|
(e)
|
|
|
|
|
(451)
|
(e)
|
|
|
|
|
4,797
|
(e)
|
|
|
|
|
|
|
(80,806)
|
(f)
|
|
|
|
|
(7,226)
|
(f)
|
|
|
|
|
22,960
|
(f)
|
|
|
|
|
|
|
(7,436)
|
(g)
|
|
|
|
|
(8,183)
|
(g)
|
|
|
|
|
(14,929)
|
(g)
|
|
|
|
|
|
|
1,035
|
(h)
|
|
|
|
|
1,035
|
(h)
|
|
|
|
|
1,035
|
(h)
|
|
|
|
|
|
|
40,367
|
(i)
|
|
|
|
|
21
|
(i)
|
|
|
|
|
(2,138)
|
(i)
|
|
|
|
Net income
attributable to SINA's ordinary shareholders
|
$
33,083
|
|
$
(4,230)
|
|
$
28,853
|
|
$
28,694
|
|
$
6,538
|
|
$
35,232
|
|
$
16,377
|
|
$
41,317
|
|
$
57,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share *
|
$
0.46
|
|
|
|
$
0.40
|
|
$
0.38
|
|
|
|
$
0.47
|
|
$
0.22
|
|
|
|
$
0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted net income per share
|
69,759
|
|
-
|
|
69,759
|
|
74,036
|
|
-
|
|
74,036
|
|
69,666
|
|
960
|
(j)
|
70,626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
78%
|
|
1%
|
|
79%
|
|
77%
|
|
1%
|
|
78%
|
|
82%
|
|
1%
|
|
83%
|
|
|
Gross margin -
non-advertising
|
64%
|
|
-1%
|
|
63%
|
|
65%
|
|
-1%
|
|
64%
|
|
57%
|
|
-1%
|
|
56%
|
|
|
Operating
margin
|
18%
|
|
6%
|
|
24%
|
|
17%
|
|
5%
|
|
22%
|
|
23%
|
|
5%
|
|
28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) To
exclude the recognition of deferred revenue related to the license
granted to Leju.
|
|
(b) To
exclude stock-based compensation.
|
|
(c) To
adjust amortization of intangible assets.
|
|
(d) To
exclude goodwill and acquired intangibles
impairment.
|
|
(e) To
exclude non-GAAP to GAAP reconciling items on the share of
equity method investments,
net of share of amortization of intangibles not on their
books.
|
|
(f) To
exclude (gain) loss on sale of investments, (gain) loss on deemed
disposal, fair value changes and impairment on investments,
net.
|
|
(g) To
exclude non-GAAP to GAAP reconciling items for the income
attributable to non-controlling interests.
|
|
(h) To
exclude the amortization of convertible debt issuance
cost.
|
|
(i) To
exclude the provision (benefit) for income tax related to item (c),
(d) and (f). Other non-GAAP to GAAP reconciling items have no
income tax effect.**
|
|
(j) To
adjust the number of shares for dilution resulted from convertible
debt and unvested equity granted.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Net income
attributable to SINA's ordinary shareholders is adjusted for
diluted shares issued by our subsidiary and equity method
investments.
|
|
|
|
|
|
|
|
|
|
|
**
|
The Company
considered the tax implication arising from the reconciliation
items, and those items recorded in entities in tax free
jurisdictions were without relevant tax implications. For
impairment on investments, valuation allowances were made for those
differences the Company does not expect they can be realized in the
foreseeable future.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
RECONCILIATION OF SINA'S SHARE OF EQUITY INVESTMENTS' NON-GAAP TO
GAAP RESULTS***
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
March 31,
2019
|
|
March 31,
2018
|
|
December 31,
2018
|
|
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To exclude
stock-based compensation
|
|
|
$
287
|
|
|
|
|
|
$
584
|
|
|
|
|
|
$
350
|
|
|
|
|
To exclude
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
1,062
|
|
|
|
|
|
1,123
|
|
|
|
|
|
1,062
|
|
|
|
|
To exclude loss on disposal
and
impairment on investments
|
|
|
6,713
|
|
|
|
|
|
1,669
|
|
|
|
|
|
-
|
|
|
|
|
To exclude (gain)
loss resulting from the
fair value changes
in investments, net
|
|
|
7,915
|
|
|
|
|
|
(3,339)
|
|
|
|
|
|
4,062
|
|
|
|
|
To exclude tax
impacts related to
amortization of intangible assets
|
|
|
(248)
|
|
|
|
|
|
(178)
|
|
|
|
|
|
(248)
|
|
|
|
|
Earning (loss)
from equity method
investments, net
|
$
(16,675)
|
|
$
15,729
|
|
$
(946)
|
|
$
(2,082)
|
|
$
(141)
|
|
$
(2,223)
|
|
$
(5,160)
|
|
$
5,226
|
|
$
66
|
|
|
Share of amortization of
equity investments' intangibles not on their
books
|
358
|
|
(358)
|
|
-
|
|
224
|
|
(224)
|
|
-
|
|
367
|
|
(367)
|
|
-
|
|
|
Share of tax impacts related
to amortization of equity investments' intangibles not on their
books
|
64
|
|
(64)
|
|
-
|
|
86
|
|
(86)
|
|
-
|
|
62
|
|
(62)
|
|
-
|
|
|
|
$
(16,253)
|
|
$
15,307
|
|
$
(946)
|
|
$
(1,772)
|
|
$
(451)
|
|
$
(2,223)
|
|
$
(4,731)
|
|
$
4,797
|
|
$
66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*** Earning (loss)
from equity method investments is recorded one quarter in
arrears.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/sina-reports-first-quarter-2019-unaudited-financial-results-300855798.html
SOURCE SINA Corporation
